Nova Cimangola receives funds to boost capacity, Angola

Nova Cimangola is set to receive AOA11.3bn (US$116m) from the Angolan government to increase the cement plant’s production capacity.

According to a decree dated on 28 April 2014 and published on 5 May 2014, the funds will be transferred by the Finance Ministry and will give Nova Cimangola greater financial capacity thus ensuring a greater supply to the Angolan market, and thus reduce prices.

Ciminvest holds a 49 per cent stake in Nova Cimangola, the Angolan state 40 per cent and state bank Banco Angolano de Investimentos 10 per cent. The remaining one per cent is in the hands of individual shareholders. (Source: Macauhub)